Jubilant Pharmova (530019) Q3 24/25 earnings summary

Executive summary

• Q3'FY25 revenue grew 9% year-over-year to ₹18,217 million, with EBITDA up 11% and normalized PAT up 57% YoY, driven by growth across all business segments and improved operating performance.

• Net profit for the quarter was ₹1,007 million, compared to ₹664 million in the same quarter last year.

• Net Debt/EBITDA improved from 2.5x to 1.4x in 9M'FY25, reflecting strong deleveraging and a USD 125 million voluntary prepayment.

• Segment highlights include continued momentum in Radiopharma, capacity expansion in CDMO Sterile Injectables, and a turnaround in Generics.

• Total comprehensive income for the quarter was ₹1,642 million, up from ₹834 million in the same quarter last year.

Financial highlights

• Q3'FY25 total income: Rs. 1,831 Cr (+7% YoY); 9M'FY25: Rs. 5,351 Cr (+7% YoY).

• Q3'FY25 EBITDA: Rs. 296 Cr (+11% YoY); EBITDA margin at 16.2% (+60 bps YoY).

• Q3'FY25 normalized PAT: Rs. 104 Cr (+57% YoY); 9M'FY25 normalized PAT: Rs. 277 Cr (+106% YoY).

• Net Debt reduced to Rs. 1,654 Cr as of Dec 31, 2024; Net Debt/Equity at 0.29.

• Earnings per share (EPS) for the quarter was ₹6.37 basic and ₹6.36 diluted, compared to ₹4.22 and ₹4.20 respectively in the same quarter last year.

Outlook and guidance

• PET radiopharmacy network expansion underway with USD 50 Mn investment; six new sites to be operational by FY28.

• CDMO Sterile Injectables capacity doubling at Spokane on track, with commercial revenue expected in FY26/FY27.

• Allergy Immunotherapy expects EBITDA margins to normalize from Q4'FY25 as production challenges are resolved.

• Focus on profitable growth in Generics, scaling Non-US markets, and new product launches.

• The Roorkee facility's USFDA inspection was classified as "VAI" in April 2024, indicating compliance and closure of prior regulatory issues.